INDIAN STEEL INDUSTRY AT A GLANCE IN 2022 - 2023 Did you know?
India is the world’s second-largest producer of crude steel. India is home to the fifth-highest reserves of iron ore in the world.
India boasts of an output of 125.32 MT (Metric Ton) of crude steel and finished steel production of 121.29 MT in FY23.
India’s finished steel consumption is anticipated to increase to 230 MT by 2030-31 from 119.17 MT in FY23.
Under the Union Budget 2023-24, the government allocated Rs. 70.15 crore (US$ 8.6 million) to the Ministry of Steel.
India’s steel production is estimated to grow 4-7% to 123-127 MT in FY24.
In FY22, the production of crude steel and finished steel stood at 133.596 MT and 120.01 MT, respectively. The consumption of finished steel stood at 105.751 MT in FY22. In FY23, the consumption of finished steel stood at 119.17 MT.
Steel ExportsIn FY23, exports and imports of finished steel stood at 6.7 MT and 6.02 MT, respectively. In FY22, India exported 11.14 MT of finished steel.
Future prospectsThe annual production of steel in India is anticipated to exceed 300 million tonnes by 2030-31. By 2030-31, crude steel production is projected to reach 255 million tonnes. With net exports of 24 million tonnes, consumption is expected to reach 206 million tonnes by the years 2030. And it is anticipated that the per-person steel consumption will grow to 160 kg. The government has a fixed objective of increasing rural consumption of steel from the current 19.6 kg/per capita to 38 kg/per capita by 2030-31.
